Kroger shares plummet on weak Q4 sales, profits

Kroger shares plummet on weak Q4 sales, profits

CINCINNATI (AP)  — Kroger’s costly modernization plan may eventually help it compete with retailers like Walmart. But in the meantime, it’s a big drag on profits.

The supermarket chain’s shares fell sharply Thursday after it reported weaker-than-expected fourth quarter earnings and disappointing guidance for 2019.

At issue is its three-year Restock Kroger initiative, which aims to increase digital sales, equip stores with pickup and delivery, improve store layouts and invest in popular brands.

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